Omnivision Announces Quarter and Annual Earnings

PR Newswire: OmniVision reports financial results for the fiscal Q4 and fiscal year ended April 30, 2013. Revenues for the Q4 were $336.2M, as compared to $423.5M in the previous quarter, and $218.5M a year ago. GAAP net income in the Q4 was $8.9M, as compared to net income of $21.3M in the previous quarter, and $2.7M a year ago.

Revenues for the fiscal year ended April 30, 2013 were $1.4B, as compared to $897.7M in the previous year. GAAP net income for fiscal 2013 was $42.9M, as compared to GAAP net income of $65.8M a year ago.

GAAP gross margin for the Q4 was 17.5%, as compared to 16.9% in the previous quarter and 22.5% a year ago. The sequential increase in fourth quarter gross margin reflected a favorable change in product mix, partially offset by the unfavorable impacts from a decrease in revenues recorded on the sale of previously written-down inventory and an increase in allowance for excess and obsolete inventories.

The Company ended the period with cash, cash equivalents and short-term investments totaling $212.3M, a slight decrease of $8.0 million from the previous quarter.

"In fiscal 2013, we completed a record year both in terms of revenues and unit shipments. We are proud to have exceeded a billion dollars in revenues and would like to thank our suppliers, employees and customers," said Shaw Hong, CEO of the company.

Based on current trends, the company expects revenues for the Q1 of FY2014 will be in the range of $355M to $390M.

Update: SeekingAlpha published Omnivision's earning call transcript. An interesting Q&A on Powerchip production:

Paul Coster - JPMorgan
Have you been able to do anything to diversify your wafer supply?

Ray Cisneros - SVP, Worldwide Sales and Sales Operations
We actually use a smaller secondary source, it's called Powerchip. Not a significant volume but that indeed is a second source, let's call it that. Most of our wafers are still coming from TSMC. They are our primary buyer [should be source, I believe]